Mobile is Now a Mobile Bank, Offers No Fees and 4.00% APY

T-Mobile introduced a no-fee checking account dubbed T Mobile Money that will be available via an app or in its stores

T-Mobile introduced a no-fee checking account dubbed T Mobile Money that will be available via an app or in its stores

Following a quiet pilot launch at the end of 2018, T-Mobile Money is ready for its national debut.

T-Mobile is offering a four percent Annual Percentage Yield (APY) with zero fees for up to $3,000. This wasn't the first time T-Mobile tried to break into banking, but its first attempt - which started in 2014 as T-Mobile Mobile Money - didn't get off the ground in the way the company was hoping it would.

"Traditional banks aren't mobile-first, and they're definitely not customer-first". There is also no monthly fee associated with the checking account, no minimum account balance required, and there is a network of 55,000 no-fee ATMs available for access with a dedicated T-Mobile Money debit card. This is a checking account, managed with a smartphone app, where eligible T-Mobile customers can get 4.00% APY on account balances of up to $3,000.

T-Mobile Money is a mobile-focused checking account.

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You can also opt-in to its "Got Your Back" overdraft protection, which lets you overdraw up to $50 without incurring penalties as long as bring the account back to a positive balance within 30 days.

T-Mobile has partnered with BankMobile for this initiative and will issue members a Mastercard-branded debit card. All other customers get 1.00% APY. If you want to check out T-Mobile Money for yourself, download the app by following the link below. Customers can use this to make everyday purchases and pull money from Allpoint ATMs found around the world.

Weeks after Apple introduced its credit service, T-Mobile is expanding its mobile banking service nationwide. The wireless operator has quietly trial launched a banking service (if that sounds familiar, you have a sharp memory) that is now rolling out on a limited basis. Later this year, the service will become available to more potential users when it makes its way to Puerto Rico.

T-Mobile pitches Money as mobile-first banking, and the service seems to have some attractive perks, specifically when it comes to fees. Still, even if you really like the idea of "Unbanking" your money, it's probably wise to do some research before making any decisions. As for depositing checks, T-Mobile MONEY clients will have to rely primarily on mobile deposit.

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